How to become a ‘power buyer’ and get the house you want

Dan Marsden, Sales Valuer at Linley & Simpson

With the residential property market experiencing unprecedented demand - and the buying competition for houses that are on the market tougher than ever, ensuring you are in the best possible position to buy is crucial when it comes to securing the home you’ve fallen in love with.

The key? Becoming a ‘power buyer’. We spoke to Dan Marsden, Sales Valuer at estate agent Linley & Simpson to find out how to do it.

Dan, give us an overview of the current market and why there is so much competition between buyers for properties?

At the moment, I’d say it’s very much a sellers’ market because there’s an imbalance between supply and demand. A lack of properties on the market combined with lots of people wanting to move means multiple viewings, multiple offers and properties selling at very good prices!

What are your top 3 pieces of advice to become a ‘power buyer’?

First, have your mortgage agreement in principle sorted.  Knowing your affordability, what a lender will potentially look at lending you, and having your deposit ready will help your estate agent put an offer forward to the vendor in the best light.

If you haven’t yet discussed your finances with anyone i.e., a mortgage advisor, an offer is more likely to be dismissed. Due to such high demand, the chances are that you will be up against another potential buyer – and if they have their mortgage in principle ready but you still need to check your affordability, you’ll be missing out.

Show you are serious by getting your finances in order before offering!

Second, if you are selling to move, ensure your property is officially on the market with viewings forward booked where possible. With a lack of homes on the market, the chances are other potential buyers are looking at the same properties you are interested in.

Estate agents have a due diligence obligation with their vendors to put all offers forward with transparency and provide the best advice. For example; there are two offers on the same property from different buyers. One buyer hasn’t got their property on the market and needs to sell to buy. The second buyer is already sold subject to contract with cases currently with their solicitor.

If you were the seller, whose offer would you be more likely to accept…?

And finally, no chain and cash ready is the holy grail. Understandably this would be the case in an ideal world, where the most beneficial position is to be ready to go with no chain below.

Again, the imbalance between supply and demand has resulted in high competition in the market for buying properties. Wherever a buyer can offer with no chain or with cash, it means there is a reduced risk of fall-through due to surveys, chains breaking down and all other variables involved in purchasing properties – which makes this type of buyer much more desirable to a seller.

Is the market and competition for properties likely to settle down any time soon?

It’s a difficult one to predict. We almost expected things to slow down coming into 2022, however what I’ve found in our area is that the demand to move is still very high. People are still calling us at every opportunity, and we just can’t get houses to the market quick enough. It’s an exciting time for both selling and buying in this current market and I can’t see things slowing down too soon, so the emphasis is very much on being a ‘power buyer’.

Linley & Simpson has helped more than 50,000 people move home across Yorkshire since opening its doors in 1997. Whether you're letting, buying, or selling your home, Linley & Simpson will provide a first-class service built on professionalism and trust, to ultimately make moving easy. To find out more visit linleyandsimpson.co.uk.